GOLD close the trading week near the 1308 area. The quotes continue to move within the ascending channel. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1325. Further continuation of the fall in the price of Gold with a potential target below the level of 1245.
GOLD Price Forecast and Analysis March 4 — 8, 2019
In favor of lowering the quotations and prices for GOLD in the current trading week on March 4 — 8, 2019, a test of the broken trend line on the relative strength index (RSI) will be made. The second signal will be the formation of the «Head and Shoulders» reversal pattern. The abolition of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the area of 1345. This will indicate a breakdown of the resistance level and continued growth of GOLD prices with a target above the level of 1365. Confirmation of the decline development will be a breakdown of the support level and closure below the 1295. This will indicate acceleration Gold prices fall.
GOLD Price Forecast and Analysis March 4 — 8, 2019 suggests an attempt to test the resistance level near the 1325 area. Then, the GOLD prices will continue to fall to the level below 1245. The trend line test on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option of falling GOLD will be a strong increase and the breakdown of the level of 1345. This will indicate continued growth of quotations in the area above the level of 1365.
